Xzeres announces earnings
By Christina Williams
Editor, Sustainable Business Oregon
Xzeres announced Tuesday a $5 million order for its European subsidiary.
Xzeres Corp. announced Tuesday revenue of $648,000 for its fiscal fourth quarter, up 38 percent from the previous quarter, and $1.48 million in revenue for its fiscal year, which ended ended in February.
Wilsonville-based Xzeres changed its name from Xzeres Wind Corp. and started trading under ticker symbol XPWR on the over-the-counter exchange earlier this month. It has been a public company for the past three quarters.
The developer of small wind systems and power management said revenue got a lift from direct channel sales.
"During the fourth quarter we saw continued growth as we apply significant resources to develop our sales and marketing capabilities from both a tactical and strategic perspective," said Frank Greco, Xzeres CEO, in a statement.
Oregon was one of 11 states where Xzeres sold wind power systems in its first fiscal year and company officials say they are making a push into the United Kingdom, Australia and India in the next year.
Among the milestones reported Tuesday, the company said it had achieved certification by the Microgeneration Certification Scheme in the United Kingdom — a sort of Good Housekeeping seal for renewable energy generation — and had launched a direct sales effort in that country.
The company also announced the first three customer contracts, worth $1.1 million, for its Micro-Generation Utility Model, which involves installing wind turbines at no cost to the customer and then selling the generated power back to the host.
During the quarter Xzeres acquired Rochester Power Saver, broadening the company's product portfolio into power management technology.
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